Question: “What are 5 changes to how Realtors will be working with Home Buyers?”
Chris’s Answer:
You’ve probably heard in the news about the changes being made nationally regarding real estate commissions and how that will effect Buyers and the way all Realtors® in the United States will work with Buyers. These new policies will go into effect beginning August 17th. Here are 5 changes to know:
- A signed Buyers’ Representation Agreement is now required by the settlement agreement.
- Agreeing to and signing the Buyers’ Representation Agreement must be done before taking Buyers to a property in person or virtually.
- Compensation has always been negotiable, but now it’s part of a discussion documented in the agreement.
- Compensation to the Buyers’ Agent could be paid by either the Seller or the Buyer, and this will be disclosed and understood prior to a Buyer seeing a property.
- If the Seller has not agreed to pay the Buyers’ Agent compensation, a Buyer will know ahead of time that they will be responsible to compensate their Agent and can decide whether or not to see that property.
We would love the opportunity to help you. If you have any questions, please contact us!
From Chris & Christie’s July 2024 newsletter (read it here).